The reported Groupe’s free cash flow, before change in working capital requirements, was euro 1,838 million in 2024. In 2023, it included non-recurring cash outflows related to taxes paid (euro 110 million) and the Rosetta settlement (euro 148 million).
Income tax paid amounted to euros 655 million in 2024, compared to euro 669 million in 2023. In January 2023, the Groupe made an additional payment of euro 110 million related to the 2022 fiscal year, reflecting the implementation of the Tax Cuts and Jobs Act (TCJA) in the US. However, this impact was largely offset by an increase in tax paid in 2024, notably linked to the increase in profit before tax, adjustments to the tax charge paid in 2023 and an increase in withholding taxes.
Repayment of lease liabilities and related interests amounted to euro 453 million in 2024, up by euro 30 million from euro 423 million in 2023.
Net financial interests generated an income of euro 69 million in 2024, compared to a net income of euro 93 million in 2023.
Net investments in fixed assets amounted to euro 235 million, up by euro 57 million compared to euro 178 million in 2023, reflecting the increased investments in the Groupe’s platforms and cloud infrastructure, company-wide ERP deployment, as well as expenses related to new leases.
Consolidated equity attributable to holders of the parent company increased from euro 9,788 million at December 31, 2023 to euro 11,060 million at December 31, 2024, as a result of the following elements:
Non-controlling interests were negative at euro 24 million, after negative euro 40 million at December 31, 2023.
| (in millions of euros) | 12/31/2024 | 12/31/2023 |
|---|---|---|
| Financial debt (long and short-term) | Financial debt (long and short-term) 12/31/2024 2,715 |
Financial debt (long and short-term) 12/31/2023 3,188 |
| Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds(1) | Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1)12/31/2024 209 |
Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1)12/31/2023 117 |
| Fair value of derivatives hedging intra-group loans and borrowings(1) | Fair value of derivatives hedging intra-grouploans and borrowings (1)12/31/2024 (55) |
Fair value of derivatives hedging intra-grouploans and borrowings (1)12/31/2023 36 |
| Total financial debt including market value of the associated derivatives | Total financial debt including market value of the associated derivatives 12/31/2024 2,869 |
Total financial debt including market value of the associated derivatives 12/31/2023 3,341 |
| Cash and cash equivalents | Cash and cash equivalents 12/31/2024 (3,644) |
Cash and cash equivalents 12/31/2023 (4,250) |
| Net financial debt (cash) | Net financial debt (cash) 12/31/2024 (775) |
Net financial debt (cash) 12/31/2023 (909) |
| Debt/equity (including non-controlling interests) | Debt/equity (including non-controlling interests) 12/31/2024 n/a |
Debt/equity (including non-controlling interests) 12/31/2023 n/a |
The Groupe reported a net cash position of euro 775 million as of December 31, 2024, compared to a euro 909 million net cash position as of December 31, 2023.
The Groupe’s average net debt in 2024 amounted to euro 585 million, up from euro 432 million in 2023.
The Groupe’s gross debt amounted to euro 2,869 million at December 31, 2024, compared with euro 3,341 million at December 31, 2023. This debt consisted of 69% long-term borrowings (see Notes 24 and 30 of the consolidated financial statements in Chapter 6 for a detailed maturity schedule of Groupe debt).
The Groupe’s gross debt, excluding debt related to earn-outs and commitments to buy out non-controlling interests, is made up of fixed-rate bond loans.
As of December 31, 2024, the debt (after currency swaps) is primarily denominated in US dollars for an amount of euro 2,684 million, representing 94% of the gross debt.
